NAIJA NEWS
The Bola Ahmed Tinubu-led Federal Government has asked the Supreme Court to grant an extension of time for old naira notes to remain in circulation.
Naija News recalls that following demands of the 10 states, the Supreme Court on March 3 granted an order that the old version of 200, 500 and 1000 Naira notes shall continue to be legal tender alongside the new or redesigned version until 31-12-2023.
The court also granted an order that the reception of old 200, 500 and 1000 Naira notes and the swapping of same with new Naira notes shall continue till 31st December 2023.
In a fresh suit before the Apex court, the federal government wants the apex court to lift its March 3 order that old naira notes should remain legal tender along with new notes till December 31.
The government added that an extension of time is necessary because, due to the economic crisis, it has not been able to print the volume of new notes that would enable it to phase out old currency before December 31.
The Federal Government further explained that should the Supreme Court decline its request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic and financial crisis as witnessed in the first quarter of the year when the naira redesign policy was being implemented under former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
It begged the court to allow the old notes to be in use with the new notes until after its consultation with critical stakeholders and after putting all required structures in place.
It raised the alarm that the economy may be hurt because some Nigerians have started hoarding the old and new Naira notes ahead of the December 31st timeline.
It admitted that it has been engaging the 10 plaintiff states in their capacities as members of the National Council of State and the National Economic Council (NEC).
The 10 aggrieved states are Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos and Sokoto.
The respondents in the case are the Attorney-General of the Federation, Edo and Bayelsa states.
Apart from its inability to print new notes, the subsisting order of the Supreme Court was said to be a hindrance to the extension of the use of the old notes of N200, N500 and N1,000.
The government was said to have realised that unless there is a fresh order from the Supreme Court, the old notes can no longer be in circulation after December 31.
